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Gemini Space Station cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$51.5M in Q2 2026 · −$307M over twelve months

Operating cash flow−$51.4M
Capital spending−$92K
Free cash flow−$51.5M

Analysis

In Q2 2026, Gemini Space Station generated −$51.4M of operating cash flow and spent $92K on capital projects, leaving free cash flow of −$51.5M. That is $51.2M less than in Q2 2025 (−$348K).

Over the twelve months to Jun 30, 2026, operating cash flow was −$305M; the largest uses were operating cash flow ($305M), other investing ($53.3M), capital spending ($1.8M); besides operations, cash came from other financing ($363M), net borrowing (+) / repaid (−) ($147M); the cash balance rose by $149M.

Operating cash flow was −$51.4M against net income of −$108M. The largest differences: payables −$32.0M, other liabilities +$25.2M, stock-based pay +$20.3M.

Free cash flow

Gemini Space Station: free cash flow by quarterGemini Space Station: free cash flow by quarter−$5.4MQ4 2024−$18.6MQ1 2025−$348KQ2 2025−$62.8MQ3 2025−$138MQ4 2025−$54.6MQ1 2026−$51.5MQ2 2026
Operating cash flow less capital spending.
Gemini Space Station: operating cash flow against capital spendingGemini Space Station: operating cash flow against capital spendingOperating cash flowCapital spending−$4.6M$781KQ4 2024−$18.4M$188KQ1 2025−$114K$234KQ2 2025−$61.7M$1.1MQ3 2025−$138M$473KQ4 2025−$54.4M$127KQ1 2026−$51.4M$92KQ2 2026
Latest (Q2 2026): Operating cash flow −$51.4M, Capital spending $92K.

Capital allocation, year by year

Gemini Space Station: where the cash came from (up) and went (down), by fiscal yearGemini Space Station: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2023: Operating cash flow −$207MFY2023: Net borrowing $75.4MFY2023: Capital spending −$729K$75.4MFY2023FY2024: Operating cash flow −$109MFY2024: Net borrowing $24.6MFY2024: Capital spending −$1.2M$24.6MFY2024FY2025: Operating cash flow −$218MFY2025: Net borrowing $154MFY2025: Shares issued $391MFY2025: Capital spending −$2.0M$545MFY2025
Over these 3 years operating cash flow totalled −$534M; the largest uses were operating cash flow ($534M) and capital spending ($3.9M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$189M
Debtnone
Net cash$189M
Cash runway7 months

Gemini Space Station is burning cash: its operations consume cash, a free cash flow of −$307M a year at the current rate against $189M of cash and investments: a runway of about 7 months before any new financing.

Where the cash came from and went

Gemini Space Station: sources (+) and uses (−) of cash, Q2 2026Gemini Space Station: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$56.3MOperating cash flow−$51.4MOther financing−$28.1MOther investing$16.4MNet borrowing (+) / repaid (−)$6.9MCapital spending−$92K
Gemini Space Station: sources (+) and uses (−) of cash, TTM to Q2 2026Gemini Space Station: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$363MOperating cash flow−$305MCash drawn (+) / kept (−)−$149MNet borrowing (+) / repaid (−)$147MOther investing−$53.3MCapital spending−$1.8M

From profit to cash

Gemini Space Station: net income to operating cash flow, Q2 2026Gemini Space Station: net income to operating cash flow, Q2 2026Net income−$108MDepreciation & amortization$7.3MStock-based pay$20.3MOther non-cash−$91KReceivables−$3.4MPayables−$32.0MPrepaid and other assets−$8.1MOther liabilities$25.2MOperating cash flow−$51.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$51.4M−$92K$6.9M—$56.3M−$51.5M
Q1 2026−$54.4M−$127K−$14.1M—$91.7M−$54.6M
Q4 2025−$138M−$473K$105M−$6.1M$213M−$138M
Q3 2025−$61.7M−$1.1M$48.9M—−$510M−$62.8M
Q2 2025−$114K−$234K——−$20.6M−$348K
Q1 2025−$18.4M−$188K——$69.6M−$18.6M
Q4 2024−$4.6M−$781K——−$140M−$5.4M

Gemini Space Station: income statement and cash flow

Gemini Space Station, Q2 2026: revenue $45.5M (+37% year over year), operating margin -169.2%. The chart follows the revenue to costs, profit and cash.

Gemini Space Station: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.